Maharashtra, India -- The global industrial Internet of Things (IIoT) market is expected to reach $232.15 billion by 2023, increasing at a compound annual growth rate (CAGR) of around 8.06% between 2018 and 2023, according to a report published by Zion Market Research.
The IIoT ought to be comprehended as a subset of the more extensive IoT, where connections exist essentially to create physical goods for commerce and maintain the physical assets of production. The idea of the IIoT applies the possibility of the idea of broad-spectrum Internet connectivity to specific business objectives and processes that make physical products for business sectors.
IIoT's ability to reduce manufacturing costs has been an important factor in its growth. Energy and the cost of power play a major role in manufacturing and distribution costs. Through smart technology and sensors, the IIoT can cut back the overall cost of manufacturing and distribution cost. The growing need for cloud integration, big data analytics, robotics and automation further drives global demand for IIoT solutions.
As the cost and complexity of automated tasks decrease and the emergence of real-time supply chain information in transportation and logistics industry increases, the IIoT can give access to real-time supply chain data by tracking materials, equipment and items as they travel through the production network. However, security-related issues coupled with big data and artificial intelligence may limit growth of IIoT.
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